Minexcoin Development Update: Atomic Swap Mission Complete

MNX releases Atomic Swap protocol to the community. The public test is open.

Since our big announcement about the internal testing of Atomic Swap technology, our team has been working hard to release it to the community. Today, Minexcoin is pleased to show, tell about, and give this technology on test-driving to you. As a direct result of this, we are entering into technological “arms race” and taking another big step towards the creation of a decentralized exchange with a working and convenient exchange mechanics without 3rd parties involving.

Well, let’s get right to the point. Under the hood, our today’s cross-chain exchange uses two blockchains — MNX and BTC — in Testnet mode. These are alternative chains that are separate and distinct from actual blockchains named Mainnets. Coins in Testnet does not have any value and allows developers or testers to test new technologies (like Atomic Swap) without worrying about breaking the main chain or risk their assets. In the video below we demonstrate how atomic exchange works in a console. It is the first official video of this process)

Minexcoin/Bitcoin Atomic Swap

How you can see, XX MNX easily changed on XX BTC just in a few steps. In other hands, you may ask what happens if one of the participants wouldn’t have enough time to make a transaction or just cancel the exchange? The explanation is in the next video

Minexcoin/Bitcoin Atomic Swap Refund Scenario

As we reported earlier, our Atomic Swap technology is entering the public tests phase so that you can test it yourself. First, please check out the protocol’s code that was published on MNX official GitHub. Here is it https://github.com/minexcoin/atomicswap. Next, directly at the link, you’ll find an instruction how to launch cross-chain exchange on your machine. Notice, to make a test cross-chain exchange you will need to launch Bitcoin and MNX blockchains in Testnet mode. To do this with MNX, you have to download our latest Wallet version from GitHub and compile it by yourself till an updated desktop version is released.

As MNX Lead Blockchain Developer Roman Hulenko says: “To put an event-driven system in order our code uses the idea of a reactive non-blocking programming approach. It is good for processing a large number of events, which makes our solution functional. Also, it has to be highlighted that Atomic Swap implementation will trigger quality modifications in MNX blockchain itself”.

What’s next?

At the moment Minexcoin team is working on a user-friendly GUI for the Atomic protocol. Since it will be published on our site, a greater number of people will be able to test and feel the convenience of decentralised exchange. These developments will become the basis for the first version of the trustless exchange. We count to release an Alpha version of the GUI in the first part of April. Also during public tests, we will add new exchange pairs like LTC to MNX or DCR to MNX. As soon as the testing period completed, we will focus on the transfer of the necessary modifications to the MNX Mainnet from the Testnet, as well as conduct a SegWit.

“So far we use Testnets only for demonstration of MNX capacities. — says MNX Blockchain Developer Vladyslav Zaichuk. — First and foremost, it is due to the safety of our customers. With the launch of a final product, our trustless exchanger will not only improve the comfort of the exchange processes but will also work as a “supervisor”. Thus, all transactions will be carried out without the third party, but our intermediate link will be entitled to block suspicious transactions, expose the user ratings to avoid scammers, and monitor the security of the system without having access to the user’s assets”.

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